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Tokyo Radiator Mfg. (7235) · FactLower revenue and higher profit in the China segmentLatest Results (2026-11-12): "Worsened"

Expansion of the China subsidiary and EGR cooler business

First written in FY2016. 14 of 38 entries say "Worsened", first in FY2018-Q1. Latest entry: 2026-11-12.

38entries
11years
5from disclosures
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How it moved
ProgressHeldSoftenedWorseWorsenedFY2018-Q1 – FY2020-Q1OtherFY2020-Q2 – FY2023OtherFY2025-H1 – FY2026-H12016: 320162017: 420172018: 320182019: 320192020: 420202021: 320212022: 320222023: 420232024: 320242025: 220252026: 62026
Same theme, other companies
Expansion of the EGR cooler business at a Chinese subsidiaryA theme 1 companies write about · 0 as a headwind · 1 as a tailwind

No other company in this theme has enough history to compare yet.

Full recordFilings, disclosures and news, newest first
  2. FY2026Lower revenue and higher profit in the China segmentAnnual report

    「• China Revenue (including intersegment revenue) ¥5,960 million (Down 15.3% year on year) Segment profit ¥459 million (Up 9.6% year on year)」

    Although revenue in the China segment declined 15.3% year on year, segment profit increased 9.6%, resulting in lower revenue and higher profit.
  3. 2026-05-14WorsenedResults

    「・売上高（セグメント間の内部売上高を含む） 59億60百万円 （前年同期比 15.3%減）」

    中国セグメントは、前年度の増収から当年度は15.3％減収へ転じた。一方、セグメント利益は４億59百万円で前年同期比9.6％増となっている。
  4. FY2026-H1Lower revenue and higher profit in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥3,068 million (Down 15.2% year on year) • Segment profit ¥316 million (Up 16.7% year on year)」

    Although revenue in the China segment declined 15.2% year on year, segment profit increased 16.7%, resulting in lower revenue and higher profit.
  5. FY2025Coexistence of revenue and profit growth in the China segment and impairment losses at certain subsidiariesAnnual report

    「• China Revenue (including intersegment revenue) ¥7,038 million (¥6,713 million in the previous consolidated fiscal year) Segment profit ¥418 million (¥243 million in the previous consolidated fiscal year)」

    Although the China segment as a whole reported revenue and profit growth, Chongqing Tokyo Radiator Co., Ltd. recognized an impairment loss of ¥109 million because operating income was significantly below plan, while a Wuxi subsidiary also impaired ¥56 million in construction in progress.
  6. FY2025-H1Higher revenue and higher profit in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥3,618 million (Up 21.8% year on year) • Segment profit ¥271 million (Segment profit of ¥9 million in the same period of the previous year)」

    Revenue in the China segment increased 21.8% year on year, while segment profit also rose from ¥9 million in the same period of the previous year to ¥271 million. The segment has changed from revenue and profit declines in the previous fiscal year to revenue and profit growth.
  7. FY2024WorsenedAnnual report

    「• China Revenue (including intersegment revenue) ¥6,713 million (¥7,220 million in the previous consolidated fiscal year) Segment profit ¥243 million (¥461 million in the previous consolidated fiscal year)」

    Revenue in the China segment declined from the previous fiscal year, while segment profit also fell from ¥461 million to ¥243 million. This is consistent with the explanation that there has been no recovery in demand in China.
  8. FY2024-Q3WorsenedAnnual report

    「b. China • Revenue (including intersegment revenue) ¥4,984 million (Down 13.0% year on year) • Segment profit ¥180 million (Down 61.2% year on year)」

    The China segment reported declines in both revenue and profit, with revenue down 13.0% year on year and segment profit down 61.2%. The weakness in the China business that began in the previous fiscal year is continuing.
  9. FY2024-Q2WorsenedAnnual report

    「b. China • Revenue (including intersegment revenue) ¥2,971 million (Down 15.8% year on year) • Segment profit ¥9 million (Down 96.6% year on year)」

    Revenue in the China segment declined 15.8% year on year, while segment profit also fell 96.6% to ¥9 million.
  10. FY2024-Q1WorsenedAnnual report

    「b. China • Revenue (including intersegment revenue) ¥1,589 million (Down 16.7% year on year) • Segment loss ¥2 million (Segment profit of ¥186 million in the same quarter of the previous year)」

    The China segment turned from a profit in the same period of the previous year to a loss of ¥2 million, while revenue also declined 16.7%.
  11. FY2023Higher revenue and higher profit in the China segmentAnnual report

    「• China Revenue (including intersegment revenue) ¥7,220 million (¥6,638 million in the same period of the previous year) Segment profit ¥461 million (¥408 million in the same period of the previous year)」

    Revenue in the China segment increased from ¥6,638 million to ¥7,220 million, and segment profit from ¥408 million to ¥461 million. However, sales to external customers declined year on year.
  12. FY2023-Q3Higher revenue and higher profit in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥5,727 million (Up 15.4% year on year) • Segment profit ¥466 million (Up 5.7% year on year)」

    Revenue in the China segment increased 15.4% year on year and profit increased 5.7%, changing from revenue growth and profit decline through the previous quarter to revenue growth and profit growth.
  13. FY2023-Q2Continued revenue growth and profit decline in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥3,528 million (Up 7.4% year on year) • Segment profit ¥267 million (Down 20.2% year on year)」

    While revenue in the China segment continued to grow, segment profit declined 20.2% year on year, with the combination of revenue growth and profit decline continuing.
  14. FY2023-Q1Higher revenue and lower profit in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥1,908 million (Up 3.9% year on year) • Segment profit ¥186 million (Down 14.0% year on year)」

    While revenue in the China segment increased, segment profit declined 14.0% year on year.
  15. FY2022-Q3Continued higher revenue and higher profit in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥4,963 million (¥3,995 million in the same period of the previous year) • Segment profit ¥440 million (Segment profit of ¥242 million in the same period of the previous year)」

    Revenue and profit in the China segment continued to grow, with revenue increasing from ¥3,995 million to ¥4,963 million and segment profit from ¥242 million to ¥440 million.
  16. FY2022-Q2Continued higher revenue and higher profit in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥3,285 million (¥2,390 million in the same period of the previous year) • Segment profit ¥335 million (Segment profit of ¥82 million in the same period of the previous year)」

    Revenue in the China segment increased year on year, while segment profit also rose from ¥82 million to ¥335 million.
  17. FY2022-Q1Revenue growth and return to profitability in the China segmentAnnual report

    「b. China • Revenue (including intersegment revenue) ¥1,836 million (¥994 million in the same period of the previous year) • Segment profit ¥216 million (Segment loss of ¥7 million in the same period of the previous year)」

    Revenue in the China segment increased from ¥994 million in the same period of the previous year to ¥1,836 million, and the segment turned from a loss to a profit of ¥216 million.
  18. FY2021-Q3Narrowing decline in China segment revenue and continued profit growthAnnual report

    「b. China • Revenue (including intersegment revenue) ¥3,995 million (Down 1.7% year on year) • Segment profit ¥242 million (Up 22.5% year on year)」

    Although revenue in the China segment continued to decline, the year-on-year decline narrowed to 1.7%, while segment profit increased 22.5%.
  19. FY2021-Q2Lower revenue and higher profit in the China segment (profit recovery)Annual report

    「b. China • Revenue, including intersegment sales ¥2,390 million (down 5.8% year on year) • Segment profit ¥82 million (up 81.4% year on year)」

    Although revenue in the China segment continued to decline, it turned from a loss in the same period of the previous year to a profit, with segment profit rising 81.4% year on year to ¥82 million.
  20. FY2021-Q1Continued lower revenue and losses in the China segment (narrower loss)Annual report

    「b. China • Revenue, including intersegment sales ¥994 million (down 16.4% year on year) • Segment loss ¥7 million (segment loss of ¥16 million in the same quarter of the previous fiscal year)」

    Revenue in the China segment decreased 16.4% in the current quarter, compared with the previous fiscal year, when revenue and profit increased due to the start of mass production of newly awarded products and other factors. The loss narrowed from ¥16 million in the same quarter of the previous fiscal year to ¥7 million.
  21. FY2020Continued higher revenue and higher profit in the China segmentAnnual report

    「Revenue increased 17.2% from the previous consolidated fiscal year to ¥5,701 million, mainly due to the start of mass production of newly awarded products and other factors. Segment profit increased 117.7% to ¥374 million, owing to higher revenue and the peak having passed for upfront development investment aimed at expanding sales.」

    Revenue in the China segment increased a further 17.2% following the upward trend through the previous quarter, while segment profit increased 117.7%. The reported factors were the start of mass production of newly awarded products and the passing of the peak in upfront development investment.
  22. FY2020-Q3Higher revenue and higher profit in the China segmentAnnual report

    「b. China • Revenue, including intersegment sales ¥4,063 million (up 12.0% year on year) • Segment profit ¥198 million (up 132.7% year on year)」

    The situation shifted from higher revenue and lower profit in the previous quarter to increases in both revenue and segment profit year on year in the nine-month period ended December 31.
  23. FY2020-Q2Higher revenue and lower profit in the China segmentAnnual report

    「b. China • Revenue, including intersegment sales ¥2,537 million (up 3.1% year on year) • Segment profit ¥45 hundred thousand (down 54.6% year on year)」

    Revenue in the China segment turned to a 3.1% year-on-year increase, while segment profit decreased 54.6%, resulting in higher revenue alongside a substantial decline in profit.
  24. FY2020-Q1WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥1,189 million (down 3.1% year on year) • Segment loss ¥16 million (down 129.5% year on year)」

    Revenue in the China segment declined, and the segment turned from a profit in the same quarter of the previous fiscal year to a loss of ¥16 million in the current quarter.
  25. FY2019-Q3WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥3,626 million (down 12.0% year on year) • Segment profit ¥85 million (down 81.9% year on year)」

    The China segment continued to report lower revenue and profit, with revenue down 12.0% year on year and segment profit down 81.9%. The decline in profit widened from 72.5% in the six-month period of the previous fiscal year.
  26. FY2019-Q2WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥2,460 million (down 11.1% year on year) • Segment profit ¥100 million (down 72.5% year on year)」

    The China segment continued to report lower revenue and profit. The decline in revenue narrowed from 35.9% year on year in the same quarter of the previous fiscal year to 11.1%, while segment profit decreased 72.5% year on year, representing a wider decline in profit.
  27. FY2019-Q1WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥1,227 million (down 13.5% year on year) • Segment profit ¥55 million (down 74.1% year on year)」

    The China segment continued to report lower revenue and profit. The decline in revenue narrowed from 31.4% year on year in the same quarter of the previous fiscal year to 13.5%, while segment profit decreased 74.1% year on year, representing a wider decline.
  28. FY2018-Q3WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥4,122 million (down 33.6% year on year) • Segment profit ¥471 million (down 58.4% year on year)」

    The China segment continued to report lower revenue and profit, with the year-on-year decline in segment profit widening from 54.5% in the six-month period of the previous fiscal year to 58.4%.
  29. FY2018-Q2WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥2,768 million (down 35.9% year on year) • Segment profit ¥364 million (down 54.5% year on year)」

    Revenue in the China segment decreased 35.9% year on year and segment profit decreased 54.5%, with the declines widening from the lower revenue and profit reported in the first quarter of the previous fiscal year.
  30. FY2018-Q1WorsenedAnnual report

    「b. China • Revenue, including intersegment sales ¥1,420 million (down 31.4% year on year) • Segment profit ¥215 million (down 42.2% year on year)」

    Revenue in the China segment decreased 31.4% year on year and segment profit decreased 42.2%, shifting from lower revenue and higher profit in the first quarter of the previous fiscal year to declines in both revenue and profit.
  31. FY2017Lower revenue and higher profit in the China segmentAnnual report

    「• Revenue, including intersegment sales ¥7,682 million (down 8.5% year on year) • Segment profit ¥1,172 million (up 1.9% year on year)」

    Revenue in the China segment decreased 8.5% year on year, while segment profit increased 1.9%.
  32. FY2017-Q3Higher profit despite lower revenueAnnual report

    「b. China — Revenue, including intersegment sales: ¥6,203 million (down 1.5% year on year); segment profit: ¥1,134 million (up 26.2% year on year)」

    Revenue in the China segment turned from a 0.5% year-on-year increase in the previous quarter to a 1.5% decrease, while segment profit increased 26.2%.
  33. FY2017-Q2Slightly higher revenue and higher profit in the China segmentAnnual report

    「b. China — Revenue, including intersegment sales: ¥4,322 million (up 0.5% year on year); segment profit: ¥801 million (up 25.9% year on year)」

    Revenue in the China segment turned to a slight increase, from a 10.5% year-on-year decrease in the previous quarter, while segment profit increased 25.9%.
  34. FY2017-Q1Lower revenue and higher profit in the China segmentAnnual report

    「b. China — Revenue, including intersegment sales: ¥2,069 million (down 10.5% year on year); segment profit: ¥372 million (up 15.5% year on year)」

    Revenue in the China segment decreased 10.5% year on year, while segment profit increased 15.5%.
  35. FY2016First statedAnnual report

    「Overall sales increased slightly year on year, owing to higher domestic sales in the truck industry, increased sales of EGR coolers manufactured by the China subsidiary, and foreign exchange effects.」

    The China segment reported revenue of ¥8,396 million, up 19.5% year on year, and segment profit of ¥1,150 million, up 27.0%.
Moved together

"Impact of foreign-exchange movements on revenue" moved the same way as this thread, in the same document, in 9 of its 38 moves.

9532★1234
  1. ★This thread
  2. 1Impact of foreign-exchange movements on revenue9×
  3. 2Economic fluctuations in the truck and industrial and construction machinery markets5×
  4. 3Profit increase from higher volumes of subsidiaries' export products and changes in product mix3×
  5. 4Overseas trade policy, political conditions and geopolitical risks2×

★ is this thread; numbers match the list above. The number on a line is how many documents both moved the same way in; lines between the other threads count the documents they moved together in too. Threads that move together often sit closer.

When this could move next
Tokyo Radiator Mfg.'s next results are scheduled for 2026-11-12. Read the earnings preview It last moved in the Results of 2026-11-12: "Worsened".
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